The most common question that hogs every home buyer is the choice between a new vs an existing property. Both have their share of advantages and disadvantages. A thorough research is needed to get a good property deal. Moreover since you buy a house not once or twice a year, you need to look at all the aspects and get your dream home. To make our choice easier, the VP of Real Estate Guidant, Sangeeta Shah, explains us the advantages and disadvantages of new and existing home. One of the main reasons that gives a new home benefit over an old one is less maintenance and remodeling cost and efforts. A new property will not need any renovations or modifications for atleast first couple of years. The walls, the landscape, the garden, the flooring all bear a fresh look. A new home also promises modern amenities and facilities unlike older properties. Another most important reason that new home score well over old home, is good resale value. If you are looking for a short term goal or have an immediate plan of selling the house and moving in a new one, then a new property surely fetches you more bucks. If you wish to settle in with a new property, just make sure that you do not have budget constraints. It is understandable that a new house is more expensive as compared to an old house. However, if budget is restricted you can settle for an old property. Apart from budget, an old house also has its share of advantages. One of the main advantages of an old home is an established neighborhood. You know how your area looks like, you know about your neighborhood, schools, cafes, eating joints and the facilities your area offers. Old homes also have bigger and better space area. They have sprawling gardens, bigger rooms and slightly traditional interior that give a royal feel to the house. It can be said that it is an entirely personal call to choose between old vs new property. Just look deep into the factors that you believe the most and decide thereby. The choice is between maintenance cost vs higher price and resale value vs space. Make a wise choice and enjoy living in the home of your dream.
Article written by Dravya Kapoor, International Real Estate Consultant nt